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His father, Li Chuan, and his mother, Zhang Xiaolu, were both workers for the Sichuan Chongqing Steel and Iron Company.[1] Although coming from a family of non-musicians, Li took to music early. When he was three years old, his parents bought him an accordion after he became so entranced by an accordion player in a shopping mall that he refused to leave.[2] He mastered the instrument by the age of four, studying with Tan Jianmin, a music professor in China. Only one year later, he won the top prize at the Chongqing Children's Accordion Competition.[3] Li began studying piano at the age of seven. Two years later, his teacher introduced him to Dan Zhaoyi, one of China's most renowned piano teachers, with whom he would study for nine years.[4] Li's ambition was to become a professional pianist. In 1994, he entered the Shenzhen Arts School, Shenzhen, China. He later studied at the Hochschule für Musik, Theater und Medien Hannover in Hanover, Germany.

Li's debut in the United States took place in June 2003 at Carnegie Hall, as part of Steinway and Sons' 150th Anniversary Gala. His United States concert debut took place the next month, when he performed Chopin's Piano Concerto No. 1. He was also honoured at a special reception at the home of the Chinese Ambassador to the United States, where he performed for various officials of the US State Department.

Li's second recording of Liszt for Deutsche Grammophon, for whom he exclusively recorded until November 2008, was released in August 2003 and was named "Best CD of the Year" by The New York Times. His third recording, comprising Chopin's four Scherzi and three Impromptus, was released in late 2004. He is scheduled to release a recording of Beethoven sonatas in late 2012 for Deutsche Grammophon.[7] He has also given a recital in the renowned Musikverein in Vienna, performing works by Mozart, Scarlatti, Schumann, and Liszt.

Li is the subject of a 2008 feature-length documentary, The Young Romantic: Yundi Li, directed by Barbara Willis Sweete. This documentary captures Li as he works with the conductor Seiji Ozawa to prepare for his debut with the Berlin Philharmonic.[9] He appeared as a Pennington Great Performers series artist with the Baton Rouge Symphony Orchestra, also in 2008.

In January 2010, Li signed an exclusive recording contract with EMI Classics with plans to record the complete works for solo piano by Frédéric Chopin.[10]

Li performed a solo recital at the Royal Festival Hall in London on March 16, 2010. He played a repertoire of Chopin pieces to a sold-out audience.[11]

In May 2012, Li officially signed with Universal Music Group and cooperated with Deutsche Grammophon once again.[12] He then released recordings of Beethoven Piano Sonatas, Beethoven Emperor Concerto and Schumann Fantasie, The Art of Yundi, Chopin Prelude, and Chopin Ballades, Berceuse and Mazurkas.[13]

Returning to Carnegie Hall, Li toured in 2015 with the National Youth Orchestra of the United States, as a featured soloist. After their first concert at Carnegie Hall, the group continued on a seven city tour of China, ending in Hong Kong.

In May 2017, Li attended the opening ceremony of the Yundi Art Museum, located in the Chongqing Huangjueping Piano Museum. It displays several pianos from different stages of Li's career, including his first piano, as well as a collection of his awards, albums and photographs, and a high-tech experience pavilion.[14]